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U.S. Census Bureau
U.S. Bureau of Economic Analysis
NEWS
U.S. Department of Commerce * Washington, DC 20230
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
March 2013
Goods and Services
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of
Commerce, announced today that total March exports of $184.3 billion and imports of $223.1
billion resulted in a goods and services deficit of $38.8 billion, down from $43.6 billion in
February, revised. March exports were $1.7 billion less than February exports of $186.0
billion. March imports were $6.5 billion less than February imports of $229.6 billion.
In March, the goods deficit decreased $4.6 billion from February to $56.1 billion, and the
services surplus increased $0.2 billion from February to $17.3 billion. Exports of goods
decreased $1.8 billion to $130.3 billion, and imports of goods decreased $6.4 billion to
$186.5 billion. Exports of services increased $0.1 billion to $53.9 billion, and imports of
services decreased $0.1 billion to $36.6 billion.
The goods and services deficit decreased $12.9 billion from March 2012 to March 2013. Exports
were down $0.4 billion, or 0.2 percent, and imports were down $13.3 billion, or 5.6 percent.
Goods (Census Basis)
The February to March decrease in exports of goods reflected decreases in foods, feeds,
and beverages ($1.1 billion); automotive vehicles, parts, and engines ($0.3 billion);
industrial supplies and materials ($0.3 billion); capital goods ($0.3 billion); and consumer
goods ($0.3 billion). An increase occurred in other goods ($0.2 billion).
The February to March decrease in imports of goods reflected decreases in consumer goods
($3.4 billion); capital goods ($1.5 billion); industrial supplies and materials ($1.4 billion);
and automotive vehicles, parts, and engines ($0.8 billion). An increase occurred in other goods
($0.9 billion). Foods, feeds, and beverages were virtually unchanged.
The March 2012 to March 2013 decrease in exports of goods reflected decreases in capital goods
($1.4 billion) and industrial supplies and materials ($1.0 billion). Increases occurred in
foods, feeds, and beverages ($0.2 billion); automotive vehicles, parts, and engines
($0.2 billion); and other goods ($0.1 billion). Consumer goods were virtually unchanged.
The March 2012 to March 2013 decrease in imports of goods reflected decreases in industrial
supplies and materials ($8.2 billion); capital goods ($3.1 billion); consumer goods
($2.0 billion); and automotive vehicles, parts, and engines ($0.2 billion). Increases occurred
in foods, feeds, and beverages ($0.4 billion) and other goods ($0.3 billion).
Services
Exports of services increased $0.1 billion from February to March. The largest increase was
in travel ($0.1 billion). Changes in the other categories of services exports were
relatively small.
Imports of services decreased $0.1 billion from February to March. A decrease in other
transportation ($0.3 billion), which includes freight and port services, was largely offset by
increases in travel ($0.1 billion) and passenger fares ($0.1 billion). Changes in the other
categories of services imports were relatively small.
The March 2012 to March 2013 increase in exports of services was $1.2 billion or 2.3 percent.
The largest increases were in other private services ($0.6 billion), which includes items such
as business, professional, and technical services, insurance services, and financial services,
and in travel ($0.3 billion). Within other private services, the largest increase was in
insurance services.
The March 2012 to March 2013 decrease in imports of services was $0.3 billion or 0.8 percent.
Decreases in direct defense expenditures ($0.2 billion), travel ($0.2 billion), and royalties
and license fees ($0.1 billion) were partly offset by an increase in other private services
($0.2 billion). Within other private services, the largest increase was in insurance services.
Goods and Services Moving Average
For the three months ending in March, exports of goods and services averaged $184.9 billion,
while imports of goods and services averaged $227.2 billion, resulting in an average trade
deficit of $42.3 billion. For the three months ending in February, the average trade deficit
was $42.1 billion, reflecting average exports of $185.7 billion and average imports of
$227.7 billion.
Selected Not Seasonally Adjusted Goods Details
The March figures show surpluses, in billions of dollars, with Hong Kong $3.2 ($3.3 for
February), Brazil $1.7 ($1.7), Australia $1.5 ($1.3), and Singapore $1.4 ($0.9). Deficits were
recorded, in billions of dollars, with China $17.9 ($23.4), European Union $9.9 ($8.8),
Japan $6.6 ($5.9), Mexico $5.3 ($4.3), Germany $5.1 ($4.5), OPEC $4.5 ($3.6), Canada $2.3
($2.5), Ireland $2.1 ($2.2), Saudi Arabia $2.1 ($1.8), India $1.8 ($1.2), Korea $1.3 ($1.2),
and Venezuela $1.3 ($1.1).
Advanced technology products exports were $27.9 billion in March and imports were $31.3 billion,
resulting in a deficit of $3.4 billion. March exports were $4.9 billion more than the $23.0
billion in February, while March imports were $3.4 billion more than the $28.0 billion
in February.
Revisions
Census Basis (not seasonally adjusted)
For February, exports of goods were virtually unrevised and imports of goods were revised up
$0.5 billion. Goods carry-over in March was $0.1 billion (0.1 percent) for exports and $1.5
billion (0.8 percent) for imports. For February, revised export carry-over was virtually zero
and revised import carry-over was $0.1 billion (0.1 percent).
Balance of Payments Basis (seasonally adjusted)
For February, exports of goods were virtually unrevised and imports of goods were revised up
$0.5 billion.
For February, exports of services were virtually unrevised and imports of services were revised
up $0.2 billion, reflecting upward revisions in travel and passenger fares.
NOTICE
Upcoming Revisions to Goods and Services
On June 4, 2013, the U.S. Census Bureau and the U.S. Bureau of Economic Analysis (BEA) will
release “U.S. International Trade in Goods and Services: April 2013” and “U.S. International
Trade in Goods and Services: Annual Revision for 2012.” With these releases, statistics on
U.S. trade in goods and services will be revised to reflect newly available and more complete
source data, changes in classifications, and improved estimation methods. The revisions will
affect statistics for January 1999 to March 2013 for both exports and imports. The revised
statistics will also be reflected in “U.S. International Transactions: First Quarter 2013”
and in the annual revision of the U.S. international transactions accounts, both to be
released by BEA on June 14, 2013.
Revisions to exports and imports of goods on a Census basis will reflect a change in the
Census Bureau’s revision policy to apply corrections and adjustments to the not seasonally
adjusted data for the prior three years (2010-2012), as well as recalculated seasonal and
trading-day adjustments for January 2010 to March 2013. As a result of these changes, Exhibits
6, 7, 13, 14, 15, 15a, 16, and 17 in the “U.S. International Trade in Goods and Services:
Annual Revision for 2012” release will be expanded to present three years of revised
statistics. More information on changes to the revision policy and sample files of the
modified exhibits are available at
www.census.gov/foreign-trade/statistics/notices/20130307_RevisionPolicy.html.
In addition to revised statistics on goods on a Census basis, revisions to exports and imports
of goods on a balance of payments (BOP) basis will reflect revised BOP adjustments – adjustments
that BEA applies to goods on a Census basis to convert them to a BOP basis. The adjustments
will be revised beginning with January 2007 for exports and with January 1999 for imports.
For more information on BOP adjustments, see the information section that begins on page
A-1 of this release.
Revisions to exports and imports of services, which will be revised beginning with January 1999,
will reflect a combination of newly available and more complete source data, changes in
classifications, and improved estimation methods.
Changes to the Real (Chained) Dollar Series
With the releases in June (see above), the base year for the chained-dollar series will be
changed to 2009 from 2005 to base the time series on prices from a more recent year.
Historical data for January 1994 to April 2013 will be available at
www.census.gov/foreign-trade/statistics/historical/ at the time of release.
If you have any questions or need additional information, please contact the Data Dissemination
Branch of the U.S. Census Bureau’s Foreign Trade Division on (800) 549-0595, option 4, or at
ftd.data.dissemination@census.gov.